Lake Lorraine, FL Cost of Living

Lake Lorraine cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

Here we can see a simple outline of the cost of living in Lake Lorraine, FL. As you can see, with the average cost of living in Lake Lorraine, FL being 98, that puts it 2% lower than the average of Florida and 2% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Lake Lorraine, FL, the price of goods and services are 14% lower than the average of Florida as well as 13% lower than the nation's average.

Did you know?

The cost of living in Lake Lorraine is 2% lower than the Florida average.

The cost of living in Lake Lorraine is 2% lower than the national average.

The cost of housing in Lake Lorraine is 16% higher than the national average.

Florida general sales tax is 18% higher than the national average.

Florida state income tax is 100% lower than the national average.

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Compare Lake Lorraine, FL Cost of living To Other Cities

Salary Calculator

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I currently make 50,000This is how much you would need to earn in Price difference in compared to

Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

The salary calculator is used in order to provide a comparison of your current salary in Lake Lorraine, FL to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Lake Lorraine, FL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Lake Lorraine, FL salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$65,885

$5,490

$1,537

$1,977

Renters

$40,479

$3,373

$944

$1,214

If you want to find a good determining factor for the cost of living and the general affordability of housing in Lake Lorraine, FL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Lake Lorraine, FL, the median monthly income is $65,885 for those who own their own homes. Under the standard rule, that income level would allow for $1,537 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $40,479, per the median income in the area. That would allow for renters to spend up to $944 on monthly rental expenses.

Florida Sales Tax

State

General Sales Tax

With Max Surtax

Florida

6%

7.5%

Florida Income Tax

State

Income Tax (Low)

Income Tax (High)

Florida

0%

0%

The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Lake Lorraine, FL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Florida sales tax is 6% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Florida income tax rates range from 0% to 0%.

Goods & Services

Item

Lake Lorraine

National avg.

Difference

Haircut

$12.33

$14.59

15.5%

Beauty Salon

$19.07

$34.68

45.0%

Toothpaste

$2.32

$2.47

6.2%

Shampoo

$0.95

$1.02

7.0%

Movie

$9.88

$9.87

0.1%

Bowling

$3.00

$4.39

31.7%

Groceries

Item

Lake Lorraine

National avg.

Difference

Ground Beef

$4.99

$4.48

11.5%

Fried Chicken

$1.42

$1.46

3.0%

Milk

$2.68

$2.36

13.7%

Potatoes

$3.32

$3.06

8.4%

Pizza

$8.00

$9.24

13.4%

Beer

$7.95

$8.63

7.9%

Health Care

Item

Lake Lorraine

National avg.

Difference

Optometrist

$69.00

$99.78

30.8%

Doctor

$70.00

$105.03

33.4%

Dentist

$72.50

$88.70

18.3%

Ibuprofen

$10.15

$9.41

7.8%

Lipitor

$308.57

$298.50

3.4%

Housing

Item

Lake Lorraine

National avg.

Difference

Home Price

$202,900.00

$175,700.00

15.5%

Avg. Mortgage Payment

$877.13

$1,081.03

18.9%

Apartment Rent

$1,068.00

$920.00

16.1%

Transportation

Item

Lake Lorraine

National avg.

Difference

Gasoline

$1.99

$2.09

4.7%

Tire Balancing

$39.99

$45.29

11.7%

Utilities

Item

Lake Lorraine

National avg.

Difference

All Electricity

$145.28

$170.80

14.9%

Phone

$25.55

$28.26

9.6%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.